Hungary Raises Industry Tax on Large Retailers From February

Hungary’s parliament approved a bill raising the special industry tax on large retail companies, in another move toward budget consolidation.

• Tax on revenue in excess of annual 100b forint will be raised to 2.7% from 2.5% from February, affecting food retailers including Tesco, Auchan, Aldi, Lidl as well as furniture store Ikea and tech store Media Markt
• Government also mandates that grocery retailers with sales in excess of 100b forint turn over to the state food items within 48 hours of their expiry, to reduce waste
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